TLDR: Ongoing Monitoring is an AML procedure that regularly checks clients for changes in PEP status, sanctions, adverse media, and warnings. Thirdfort offers this service through Comply Advantage, notifying users of relevant updates. It costs 1 credit for 12 months, with automatic renewal unless canceled.
What is Ongoing Monitoring?
Ongoing Monitoring is an important part of the Anti-Money Laundering (AML) procedures required of all regulated businesses. In addition to ID, PEP and Sanction screening, ongoing monitoring is the process of keeping a regular check on the client going forward. Clients can be monitored on an ongoing basis for changes in their PEP status, which could result in increased risk to regulated businesses.
Ongoing Monitoring at Thirdfort
Ongoing Monitoring is a service Thirdfort offers in partnership with our provider Comply Advantage. Ongoing Monitoring means that if there are any new matches for the individual in question in the following categories: Politically Exposed Person (PEP); Sanctions; Adverse Media; Fitness Probity or Warnings, you will be notified of these changes.
What does it cost?
The cost of this service will be 1 credit for 12 months of Ongoing Monitoring from the moment of initiation. You will receive a notification after 11 months of monitoring asking whether you would like to continue monitoring your client's PEP status for another 12 months. If you would like to continue, no action is necessary. To turn off ongoing monitoring, please see How to Request Ongoing Monitoring.
This article is based on accessing Thirdfort directly via our portal. If you access Thirdfort via a partner or reseller, functionality may differ.